BG demands Egyptian government to raise gas price to $7 per million BTUs
After stopping 9B stage, BG asks government to raise the price of gas to $7 or pay $1bn immediately. BG, a subsidiary of Royal Dutch Shell, is negotiating with Egyptian General Petroleum Corporation (EGPC) to price gas at $7 per million BTUs in the 9B concession area in Egyptian Mediterranean waters. EGPC has offered $ […]
BG Egypt suspends some development wells over price dispute – source
BG Egypt has suspended work at some Egyptian development projects after it failed to agree with the government on the price of gas, an Egyptian General Petroleum Corp (EGPC) official told Reuters on Tuesday. “BG has stopped work at 9A+ and 9B after failure to reach an agreement on the fixed price to be paid […]
Egypt seals deal with Azerbaijan on refining crude in local plants
The Egyptian government has reached an agreement with Azerbaijan on refining 500,000 barrels of crude oil a month in the Egyptian refineries, and exchanging Egypt’s naphtha with petrol 95. In statements to Al Mal newspaper, the head of Egyptian General Petroleum Corporation (EGPC) Mohamed Al Masry said that the agreement aims at using spare refining […]
EGA holds Roundtable headed by Minister of Petroleum
The Egyptian Gas Association (EGA) held its first executive roundtable, titled “The Future of Natural Gas Industry in Egypt.” The purpose of the roundtable was to bring together industry leaders from both the private and public sectors, allowing them to connect and collaborate on the different issues affecting the natural gas industry in Egypt. In […]
Eni to complete second well in Zohr field by April for $100m
Italian Eni will finish drilling the second well in the Zohr field in the Shorouk concession area located in the deep waters of the Mediterranean by the next April, with a cost of approximately $100m. A prominent official at the Egyptian Natural Gas Holding Company (EGAS), who requested to remain anonymous, said the company aims […]
Eni and EGPC establish JV for Zohr ‘super giant’ gas field
Eni and Egyptian General Petroleum Corporation (EGPC) have announced to enter into a joint venture to create Petro Shorouk. Petro Shorouk will be a subsidiary of Petrobel and will be tasked to complete the first stage of development of the Zohr gas field by the end of 2017, according to Daily News Egypt reports. The […]
Fall of oil price pushes EGPC to halt tender for new exploration
The price of Brent on international markets recorded $34.4 on Wednesday and reached a maximum of $45 in November. The Egyptian General Petroleum Corporation (EGPC) postponed offering new exploration tenders for oil and gas for foreign companies in ten areas until prices of Brent oil stabilise in international markets, instead of offering tenders early in […]
Production in Zohr fields to begin before end of 2017
EGPC Chairman: Procedures of establishing Petro Shorouk will begin to manage and develop Zohr field. Petrobel is nearing the official formation of Petro Shorouk, the company’s subsidiary that will be tasked with completing the first developmental phase of the Zohr natural gas field before the end of 2017. The Italian Eni discovered Zohr field in […]
EGPC signs two new Exploration Agreements in the Gulf of Suez and Western Desert
Minister of Petroleum and Mineral Resources, Eng. Tarek El-Molla, signed two new agreements for oil and gas exploration in the Gulf of Suez and Western Desert. The first agreement is with Tunisia’s HBSI for the Haliph area in the Western Desert, with a minimum investment of about $9 million and a signature bonus of $1 […]
Azerbaijan’s SOCAR interested in Egyptian oil refineries stake
Azerbaijan’s state energy firm SOCAR is interested in buying stakes in refineries in Egypt and in participation in the African country’s oil refining sector, SOCAR’s president said. “We would like to widen our activities in Egypt, particularly to buy stakes in refineries there and participate in Egypt’s oil refining,” Rovnag Abdullayev told reporters. SOCAR PresiEdent […]